Market Report: Corn and Beans Lower

Today was the fourth day in a row corn closed lower. The losses each day are not huge, but they add up. Corn closed with losses of 4-6 cents. Even though farmers are concerned about water-logged soils, drowned-out spots and nitrogen losses, traders' attitude is rain makes grain and more rain makes more grain. I cannot remember a time when traders were concerned about too much rain. Export inspections came in at a good number of 1,100,455 MT, up 31 percent from last week. On top of that, private exporters reported to the USDA an export sale of 120,000 MT of old crop corn.

Beans held better than corn today, closing 2-4 cents lower, except the November new crop closing unchanged. The NOPA Crush came in with a good number at 150.4 million bushels. That was above the average trade guess and set an all-time record for April. Export inspections for beans were at 377,847 MT, up more than 17 percent from the previous week. It just seems that the attitude is so bearish right now nothing is going to make any difference.